1. Field of the Invention
This invention generally relates to information search and retrieval systems, and more particularly to a system and method for locating property in connection with a real-estate transaction. The invention also relates to an interactive data terminal which provides information for guiding buyers on a tour of property in a real-estate market, and which simultaneously retrieves and displays in an integrated form listing, media, and other data relating to properties included on the tour.
2. Description of the Related Art
Buying a home is one of the most important experiences in a person""s life, and one of the most expensive. The home a person buys ultimately depends on the quantity and quality of information he or she is able to obtain about the market place prior to purchase. Locating this information for the buyer is the job of the real estate agent.
The techniques real estate agents currently use are antiquated and largely ineffective. A typical scenario involves assigning a buyer to an agent who has at least a working knowledge of a particular area of the market. During an initial consultation, the buyer gives the agent an idea of property he or she would like to buy or rent and a general idea of where that property should be located. Based on this information, the agent searches the Multiple Listing Service (MLS) database to locate properties that are currently available. A second meeting is then set up with the buyer for the purpose of visiting those properties.
During the second meeting, the agent must figure out exactly where the properties are located. A route must then be plotted for visiting those properties. This is usually done using paper maps and print-outs of MLS listings, which the agent often carries within him in the car. The use of paper maps and MLS listings has proven to be time-consuming, cumbersome, and generally inefficient.
Another drawback of current techniques relates to the need to physically visit properties with the market. Once the agent knows the general area of interest to the buyer, he usually escorts the buyer to each of the properties. Many times, however, the buyer does not even enter the properties because he can tell from just their outward appearance that they are unsuitable. The need to physically visit each and every property in a market to determine whether they are suitable wastes the buyer""s and agent""s time and, further, adds to the inefficiency of the home-buying experience.
Undoubtedly, there is a need for the real-estate industry to embrace new technologies in meeting buyers"" needs. The industry has admittedly done a poor job doing so. Today, nearly two-thirds of all real estate brokers do not have a web presence, and nearly one third do not even use e-mail in their jobs. While this trend is slowly changing, the underlying process remains substantially the same. In the vast majority of cases, real-estate agents still rely on paper resources to develop property tours for buyers and are still required to chauffeur customers to physical property sites.
In view of the foregoing considerations, it is clear that there is a need for an improved system and method for developing property information that can be used by real-estate agents in assisting their customer needs.
It is one objective of the present invention to provide a system and method which increases the efficiency of the home-buying experience from both the agent""s and buyer""s perspective.
It is another objective of the present invention to achieve the aforementioned object by using digital technology to substantially reduce or altogether replace the paper resources an agent must rely on to obtain property information in a real-estate market.
It is another objective of the present invention to provide a data terminal equipped with management software which develops a digital guided tour of a particular area of a real-estate market.
It is another objective of the present invention to develop the guided tour by integrating a digital map with property information from a database which is either resident in the terminal or linked to the terminal through a communications network.
It is another objective of the present invention provide a data terminal of the aforementioned type which is portable, so that the terminal may be used by buyers and/or agents during a guided property tour.
It is another objective of the present invention to provide a data terminal of the aforementioned type which has a graphical user interface which allows a buyer to use the terminal without the assistance of an agent during a property tour, and which simultaneously provides the buyer with real-time property information derived from the MLS or other comparable database.
The foregoing and other objects of the invention are achieved by system and method for providing property information to buyers in real estate market place using digital technology. The system and method uses a tool in the form of a data terminal which stores management software that integrates a digital map with information derived, for example, from an MLS database. This information includes the location of properties in the market as well as other attributes. In addition to or in lieu of MLS information, the property information may include media data in the form of a digital image and/or movie clip, as well as other information which each real-estate agent may customize into the system.
In accordance with one embodiment of the invention, the data terminal is a stand-alone system which includes a map generation unit, a storage unit, a processor, and a display. The map generation unit generates a digital map of an area of interest designated by a user. Preferably, the map includes street address labels and/or other symbols of topological and man-made features in the coverage area. The storage unit stores property information derived from an MLS database, media information, and/or other customized information which may be considered important to a customer in purchasing, leasing, or renting property. The processor implements management software which integrates the property information with the digital map.
The integration of this information includes the display of icons which correspond to properties available in the map. Advantageously, the icons are selectable by the user. When selected, property information obtained from the storage unit is displayed in association with the map. The invention, thus, serves as a tool which guides buyers on a digital tour of properties in a market, while simultaneously providing real-time information for each of those properties.
Preferably, the data terminal is mobile in nature, taking the form of a notebook or laptop computer or even a personal digital assistant or so-called pocket PC. If mobile, the terminal of the invention may advantageously replace all the paper sources which real-estate agents traditionally used in assisting buyers in purchasing property. Also, when equipped with an easy-to-use graphical user interface, the terminal of the invention may be used by the buyer to develop his own guided tour, without the assistance of a real-estate agent. This saves time, relieves the buyer from xe2x80x9csales pressurexe2x80x9d from the agent, and increases the overall efficiency of the home-buying experience. If desired, the terminal may be a desktop unit located in a real-estate agent""s office.
In accordance with another embodiment of the invention, the data terminal communicates with one or more external sources of information. This embodiment is similar to the previous embodiment in that it includes a map generation unit, storage unit, processor, and display. In addition to these features, the terminal is equipped with a receiver for acquiring location data from an external positioning system, which may be satellite-based, cellular-based, or any other type capable of tracking the position of an object in an area of interest. Preferably, the receiver is a GPS receiver linked to the data terminal processor.
In operation, the location data receiver inputs position information into the processor, which then generates an icon corresponding to the position of the data terminal on the digital map. Advantageously, the processor updates the position of this icon as the terminal moves through the mapped region. If desired, the GPS receiver may be connected to the map generation unit, so that upon start-up the processor and map generation unit cooperate to automatically generate a digital map based on the location of the terminal. This is a particularly advantageous feature of the invention because a digital map of a market area with all the aforementioned icons may be generated without any input from the agent or agent buyer.
According to another aspect of the invention, the storage unit and/or processor may be connected to a remote data source through a communications link. The communication link may be established by a data-enabled mobile phone in the terminal or by another wireless communications device. The link may also be formed by a hard-wired connection, if desired. The remote data source may be a remote server connected to a website which contains MLS and/or other information. The server may also be a database in the real-estate agent""s office which has been filled with MLS and non-MLS information customized to meet the agent""s perceived needs of his buyers. The non-MLS information may include the media information (e.g., a digital image or movie clip) previously mentioned.